Toronto Real Estate Board

Toronto Real Estate Board

April 16, 2013 09:30 ET

GTA REALTORS® Release Rental Market Report

TORONTO, ONTARIO--(Marketwired - April 16, 2013) - Greater Toronto Area REALTORS® reported a substantial increase in the number of condominium apartments rented through the TorontoMLS system in the first quarter of 2013. There were 4,277 condominium apartments rented - up by almost 13 per cent on a year-over-year basis.

The total number of rental properties listed on TorontoMLS during the first quarter was up by more than 25 per cent year - over - year to 8,816.

"Demand for rental condominium apartments remained strong during the first quarter of the year. People looking for higher end rental accommodation, including those who have temporarily put their decision to purchase on hold, were likely driving rental activity during the first three months of the year," said Toronto Real Estate Board President Ann Hannah.

The average monthly rent for one-bedroom condominium apartments in the first quarter was $1,597 - up by almost four per cent compared to Q1 2012. The average two-bedroom condominium apartment rent was up by slightly more than one per cent over the same period to $2,114.

"The rental market has remained quite tight over the last year. Competition between renters has been strong enough to drive increases in average rents. However, growth in the number of units listed outstripped growth in the number of rental transactions in the first quarter, suggesting that renters benefitted from more choice. If this trend continues, the pace of rent growth could moderate," commented Jason Mercer, TREB's Senior Manager of Market Analysis.

Rental Market Summary Tables: First Quarter 2013

Apart-ments
All Bedroom
Types Bachelor One-Bedroom Two-Bedroom Three-Bedroom
Avg. Avg. Avg. Avg.
Listed Leased Leased Rent Leased Rent Leased Rent Leased Rent
Q1 2013 8,816 4,277 97 $1,308 2,380 $1,597 1,700 $2,114 100 $2,737
Q1 2012 7,020 3,796 95 $1,306 2,109 $1,537 1,517 $2,090 75 $2,079
Yr./Yr. %
Chg. 25.6% 12.7% 2.1% 0.2% 12.8% 3.9% 12.1% 1.2% 33.3% 31.6%
Town-houses
All Bedroom
Types Bachelor One-Bedroom Two-Bedroom Three-Bedroom
Avg. Avg. Avg. Avg.
Listed Leased Leased Rent Leased Rent Leased Rent Leased Rent
Q1 2013 695 284 3 $1,417 26 $1,509 94 $1,889 161 $2,002
Q1 2012 588 276 3 $1,263 34 $1,403 73 $1,696 166 $1,933
Yr./Yr. %
Chg. 18.2% 2.9% 0.0% 12.1% -23.5% 7.6% 28.8% 11.4% -3.0% 3.6%

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 36,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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